Bitcoin GOLDEN CROSS Just Confirmed (Bullish)!! Bitcoin News Today & Ethereum Price Prediction!

Welcome back to the Crypto Channel: Bitcoin Golden Cross and Ethereum’s Next Moves

Welcome back to the Crypto Channel, everyone! My name is Josh, and today we have some exciting news to discuss. A Bitcoin Golden Cross is happening, and both Bitcoin and Ethereum are moving closer towards the next areas of liquidation. In this article, we will dive into the details of these developments and what they mean for the crypto market. So, stick around!

Weekly Bitcoin Chart: Breaking Resistance and Forming a Bullish Trend

Let’s start by looking at the weekly Bitcoin chart. We have just witnessed another weekly candle close well above an important descending line of resistance, which was sitting at around $28,000. This breakout confirms a larger bullish trend. However, there is still a significant area of resistance on the weekly timeframe, ranging from $36,000 to $38,000. The price of Bitcoin could potentially struggle in this range.

Daily Bitcoin Chart: Overbought RSI and Potential Bearish Divergence

On the daily Bitcoin chart, the RSI is still overbought, indicating that we may see some lower highs in the coming weeks. This could potentially lead to a bearish divergence. However, the daily Bitcoin MACD is still more bullish than bearish, as there has been no confirmation of a bearish cross. Overall, the trend and momentum on the daily timeframe remain bullish, although we have seen slightly less bullish momentum in recent days.

The Golden Cross: A Bullish Signal?

Now, let’s talk about the Golden Cross. This is where the 50-day moving average crosses above the 200-day simple moving average. According to traditional trading textbooks, this is a bullish signal. However, it is important to note that these crosses are often lagging indicators and not always accurate. In the past, we have seen instances where a Golden Cross was followed by a short-term dump or bearish price action. Therefore, while the Golden Cross suggests a bullish trend, it is not a foolproof indicator.

Short-Term Bitcoin Analysis: Bullish Flag Pattern and Areas of Resistance

Zooming into the shorter term, the 2-hour Bitcoin chart shows a choppy sideways price range, which could potentially be a bullish flag pattern. The support line for this pattern is around $33,600, and the resistance is around $34,900. If we see a confirmed breakout above $34,900, it could set up a price target of around $38,400, indicating a 10% move to the upside. However, we should not forget about the major area of resistance on the weekly timeframe, ranging from $36,000 to $38,000.

Ethereum Analysis: Bullish Breakout and Potential Price Targets

Now, let’s shift our focus to Ethereum. The 3-day timeframe shows a bullish breakout, indicating a falling wedge pattern with a price target of around $2,100. However, there are areas of resistance between the current price and the price target, particularly around $1,885 to $1,890. If we see a confirmed breakout above $1,890, the next important area of resistance to watch is around $2,000 to $2,030. The daily Ethereum price oscillators, including the RSI and MACD, are still more bullish than bearish, supporting the overall bullish trend and momentum on the daily chart.

Short-Term Ethereum Analysis: Sideways Channel and Potential Bullish Flag Pattern

Zooming into the shorter term, the 2-hour Ethereum chart shows a sideways channel, which could potentially play out as a bullish flag pattern. If we confirm a breakout above the resistance level at around $1,850, the price target for this pattern would be around $2,100, aligning with the falling wedge pattern on the 3-day timeframe. However, we have support at around $1,760 within the current sideways price range.

Liquidation Heat Map: Price Targets and Areas of Liquidity

Looking at the liquidation heat map for both Bitcoin and Ethereum, we can see that the price tends to trend towards areas of liquidation. These areas represent positions in the market that are likely to be liquidated, creating liquidity. Currently, there is a significant amount of liquidation sitting around $34,830 for Bitcoin and around $1,840 for Ethereum. This suggests that the price of both cryptocurrencies could head towards these levels in the near future.

Conclusion

In conclusion, the crypto market is experiencing a Bitcoin Golden Cross and Ethereum’s bullish breakout. While these indicators suggest a bullish trend, it is important to consider other factors and not rely solely on lagging indicators. The trend and momentum on both the daily and weekly timeframes remain more bullish than bearish. However, there are areas of resistance that could pose challenges for further upside movement. As always, it is crucial to stay informed and monitor the market closely.

Frequently Asked Questions

1. What is a Golden Cross in cryptocurrency trading?

A Golden Cross is a bullish signal in cryptocurrency trading. It occurs when the 50-day moving average crosses above the 200-day simple moving average. This crossover suggests a shift towards a more bullish trend.

2. Are Golden Crosses always accurate indicators?

No, Golden Crosses are not always accurate indicators. They are often lagging indicators and can sometimes be followed by short-term dumps or bearish price action. It is important to consider other factors and not rely solely on Golden Crosses for trading decisions.

3. What is a bullish flag pattern?

A bullish flag pattern is a continuation pattern that suggests a temporary pause in an uptrend before the price resumes its upward movement. It is characterized by a consolidation period, forming a flag shape, followed by a breakout above the upper boundary of the flag. This breakout indicates a potential continuation of the bullish trend.

4. How can I make money in crypto during different market conditions?

There are various strategies to make money in crypto during different market conditions. You can utilize AI-based trading tools to profit from both bullish and bearish price movements. Additionally, you can take advantage of choppy sideways price action by employing specific trading techniques designed for such market conditions. It is essential to stay informed, learn different strategies, and adapt to changing market dynamics.

5. How can I stay updated with the latest crypto news and analysis?

To stay updated with the latest crypto news and analysis, you can subscribe to reliable crypto channels, follow reputable analysts and experts, and regularly check reputable crypto news websites. Additionally, you can join online communities and forums dedicated to cryptocurrency discussions to stay informed and engage with fellow crypto enthusiasts.